766.588 Statutory terminable marital property classification agreement.

486 words·~2 min read·/wi/chapter-766/766-588

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Generally.

(a)Spouses may execute an agreement under this section to classify the property of the spouses presently owned and property acquired, reclassified or created in the future, as marital property. Except as provided in this section, s. 766.58 applies to an agreement under this section. The form of the agreement is set forth in sub.

(9). Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their determination date.

(b)Notwithstanding an agreement under this section:

1. The marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover of a deferred employment benefit plan terminates at the death of the nonemployee spouse if he or she predeceases the employee spouse; and

2. The marital property interest of a decedent spouse in a life insurance policy which designates the surviving spouse as the owner and insured is limited as provided under s. 766.61

(7).

1. If property is held as survivorship marital property under s. 766.60

(a)or 766.605 at the time an agreement under this section becomes effective, or if property is held as or acquired as survivorship marital property under s. 766.60

(a)or 766.605 while an agreement is in effect, the property remains survivorship marital property as long as it is so held.

2. A joint tenancy which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is survivorship marital property.

3. A tenancy in common which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is marital property.

4. With respect to a tenancy in common or joint tenancy not described under subds. 2. and 3. in which at least one spouse is a tenant when an agreement under this section becomes effective or while an agreement is in effect, to the extent the incidents of the tenancy in common or joint tenancy conflict with or differ from the incidents of marital property, the incidents of the tenancy in common or of the joint tenancy, including the incident of survivorship, control.

1. In this paragraph:

a. “Joint account” has the meaning given in s. 705.01

(4).

b. “Marital account” has the meaning given in s. 705.01

(4m).

2. An agreement under this section does not defeat the survivorship feature of a joint account under s. 705.04

(1).

3. An agreement under this section does not affect the ownership, under s. 705.04

(2m), of sums remaining on deposit in a marital account at the death of a party to the account, regardless of when the agreement became effective or the marital account was established.